This AI model is aligned to the BFSI industry and can reportedly help enhance credit underwriting processes, detect fraud, monitor loan performance and provide personalised financial advice
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MAI-1 is being spearheaded by Mustafa Suleyman, a recent Microsoft hire and co-founder of Google DeepMind, now heading Microsoft’s newly established consumer AI uni
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The Aggarwal-led company also introduced foundational location services APIs and SDKs
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This round was led by Sequoia Capital and Index Ventures, with additional participation from Altman among others
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Named Claude 3, this technology is part of a suite of AI models that Anthropic claims surpass those offered by industry rivals such as Microsoft-backed OpenAI and Google
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The findings indicate that over 90 per cent of consumers in India and UAE are familiar with AI technologies like ChatGPT, while awareness in China and Saudi Arabia exceeds 80 per cent
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The report revealed that banks can enhance employee productivity by up to 30 per cent by implementing AI technologies to streamline numerous language-related tasks
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Despite the growing investments in AI, with nearly all IT leaders planning to increase spending in the next year, a troubling lack of alignment and understanding could impede successful AI outcomes
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The increase in profits is largely attributed to a sharp rise in demand for artificial intelligence (AI) applications, which has nearly doubled the sales of the company's memory chips from the previous year
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The growth in tech shares helped alleviate investor concerns that had been sparked by a weaker forecast from Meta Platforms earlier in the week
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